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that is of high importance in solving the fiscal cliff negotiations and in a longer term way bringing the country to a sustainable fiscal course. what specific changes to medicare or medicaid would you be willing to imbraes today right new that would slow the growth in our medical spenting? >> i'm not going to debate the specifics on television. i think that what the president is doing, is clear that he has indicated that we have to raise the tax rate. the tax rates, bush tax cuts, was temporary in nature. >> that's not what i asked. i asked what specific would you be willing to do to address what is clearly the number one thing that is going to blow the hole in not only the economy but federal spending, federal budget over the next generation. >> what we have to do is negotiate. everything should be on the table. i think the president indicated that everything would be on the table. the president indicated he is ready to talk about entitlements, et cetera. the other side said we can cannot raise tax hikes at all. we have to make sure that everything is on the table. if everything is
that is of high importance in solving the fiscal cliff negotiations and in a longer term way bringing the country to a sustainable fiscal course. what specific changes to medicare or medicaid would you be willing to imbraes today right new that would slow the growth in our medical spenting? >> i'm not going to debate the specifics on television. i think that what the president is doing, is clear that he has indicated that we have to raise the tax rate. the tax rates, bush tax cuts, was...
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cliff on consumers. jane wells is deking deeper into the consumer story, joining us now from a mall in california. my, how glittery that swelter is, jane. >> you nope what it's like? did you ever see "total recall," where the guy opens up his coat and he's hosting another being in his gut. >> exactly like that. >> you can't really tell, it's lit up. but back to the consumer which is not buying this. walmart's ceo said 15% of his core customers say all this debate over the deficit is inpacts their shopping and, in fact, concerns over the fiscal cliff, awareness of it has skyrocketed since the election. if you remember, last month, when we asked around, hardly anybody even knew what the fiscal cliff was. listen. >> do you know what the fiscal cliff is? >> good question. don't have a good answer for that. >> fiscal clip? >> cliff. >> oh. >> what is the fiscal cliff? >> i have no idea. >> all right, one month later, nearly everyone knows what it is. nearly. >> are you concerned about this so-called fiscal cl
cliff on consumers. jane wells is deking deeper into the consumer story, joining us now from a mall in california. my, how glittery that swelter is, jane. >> you nope what it's like? did you ever see "total recall," where the guy opens up his coat and he's hosting another being in his gut. >> exactly like that. >> you can't really tell, it's lit up. but back to the consumer which is not buying this. walmart's ceo said 15% of his core customers say all this debate...
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to reach a deal on the fiscal cliff. but use that debate as an economic one, says our next guest. chairman of the council of economic advisers under george w. bush and adviser to presidential candidate mitt romney. he's in new york city this morning. glenn, great to see you. >> good morning. likewise. >> what exactly does that mean? because of the context of higher taxes, and spending cuts, you would think there would be an economic impact. how can it not involve economics? >> well, there's certainly an economic impact. my point was just that the real issue for us is that our budget rules were designed for a different set of problems. you know, historically, movements in debt were about war and peace. you borrowed money to fight a war, you paid it off in peace time. now we're talking about the rise of the entitlement states. social security and medicare. we need different budget rules. this isn't just about a fiscal cliff. >> the demographics don't exactly help the problem either. we're in a time when the population is g
to reach a deal on the fiscal cliff. but use that debate as an economic one, says our next guest. chairman of the council of economic advisers under george w. bush and adviser to presidential candidate mitt romney. he's in new york city this morning. glenn, great to see you. >> good morning. likewise. >> what exactly does that mean? because of the context of higher taxes, and spending cuts, you would think there would be an economic impact. how can it not involve economics? >>...
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so when we look at the fiscal cliff and everything else in terms of actual cuts in spending, everybody recoils in horror because they know it implies. >> you made your point, though, we surrendered to fdr, and instead of supplementing people, instead of letting them earn their own success, we're going to somehow try to deal with outcome rather than opportunity and pay for it. and you want to pay for -- >> no, i don't. >> in a fairer society. what you see as a fairer society. >> i didn't say it was a fairer society. but chris brought up an important point. and i want people to talk about the "wall street journal" today. we're not talking about cutting spending, not talking about cutting growth rates, which is a huge difference, one reason why people like me look at former presidential candidate mitt romney talk about npr or planned parenthood. the number one answer for balancing the budget is foreign aid. which if you really wanted to balance the budget and you don't always have to go to the department of justice or whatever it may be. but over the next ten years, 90% of federal outlays
so when we look at the fiscal cliff and everything else in terms of actual cuts in spending, everybody recoils in horror because they know it implies. >> you made your point, though, we surrendered to fdr, and instead of supplementing people, instead of letting them earn their own success, we're going to somehow try to deal with outcome rather than opportunity and pay for it. and you want to pay for -- >> no, i don't. >> in a fairer society. what you see as a fairer society....
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. >> fiscal cliff, of course, is a complete madeup deadline. >> discretionary spending is 1 trillion, 280 billion. we're 18 billion short of having nothing for the entire government. >> what do you think the best possible outcome could be? >> something like simpson-bowles, and work off that. >> when a deal is announced, if the left and the right aren't angry, there's not a real deal. >> we're back on "squawk." and we've got an update on a very interesting/crazy story. john mcafee, holed up in a miami hotel after his deportation from guatemala. we've been bringing you different aspects of this throughout the past couple of weeks. the anti-virus software founder has been evading authorities in belize who want to question him in connection with the death of a neighbor who was shot, if you remember. mcafee said he did not kill the neighbor. fear for his life if he turned himself in to authorities in belize, he was tweeting and blogging about all this as it was going on. mcafee announced on his website last evening that he arrived in miami's south beach neighborhood. american airlines said
. >> fiscal cliff, of course, is a complete madeup deadline. >> discretionary spending is 1 trillion, 280 billion. we're 18 billion short of having nothing for the entire government. >> what do you think the best possible outcome could be? >> something like simpson-bowles, and work off that. >> when a deal is announced, if the left and the right aren't angry, there's not a real deal. >> we're back on "squawk." and we've got an update on a very...
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i'm thinking, after listening this morning, how i learned to stop worrying and love the fiscal cliff. is that where we are right now? >> you know, jim, this shouldn't be that hard. the idea that we've got to get a $4 trillio over ten years, with a mix of revenue increases, spending cuts. you know, when you look at the size of our economy, when you're looking at what's asked of people all across europe, uk, all in emerging nations, this is so small on a relative basis, that it's almost unamerican we're not going to be able to step up and get it done. you know, i'm optimistic that we're going to be able to avoid the fiscal cliff. we're not going to go over that, we're not going to see sequester, the challenge is going to be, is the deal going to be big enough, comprehensive enough that we take that minimum of $4 trillion off this $16 trillion debt over the next ten years. >> we're going to intervene, no matter what, in the trends of american business, meaning as soon as this one is over, we'll have a debt ceiling. because we can't get investment going in this country. that's why people
i'm thinking, after listening this morning, how i learned to stop worrying and love the fiscal cliff. is that where we are right now? >> you know, jim, this shouldn't be that hard. the idea that we've got to get a $4 trillio over ten years, with a mix of revenue increases, spending cuts. you know, when you look at the size of our economy, when you're looking at what's asked of people all across europe, uk, all in emerging nations, this is so small on a relative basis, that it's almost...
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it's 10:00 on the east coast and we begin with brooking news on the looming fiscal cliff. and signs of a potential fall. for the past few nights we've been telling you about the frustrating lack of progress to avert a deal on automatic tax hikes and spending cuts that kick in less than four weeks from now. poll after poll shows the american people want compromise. but there weren't many sig that was going to happen, nothing was getting done. in a cnn/orc poll taken a few weeks ago, 67% said washington officials would behave like spoiled children in the fiscal cliff discussions. only 28% said they would behave like responsible adults. tonight, signs that maybe some adult behavior might be prevail. and a compromise might be reached. joining me now live is senior white house correspondent dana bash, jessica yellin and david gergen. what's the latest? what are you hearing? >> reporter: they are a long way from a deal. but late today speaker boehner and president obama did speak to one another on the phone. now, this is an important development because it's the first time they'
it's 10:00 on the east coast and we begin with brooking news on the looming fiscal cliff. and signs of a potential fall. for the past few nights we've been telling you about the frustrating lack of progress to avert a deal on automatic tax hikes and spending cuts that kick in less than four weeks from now. poll after poll shows the american people want compromise. but there weren't many sig that was going to happen, nothing was getting done. in a cnn/orc poll taken a few weeks ago, 67% said...
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you know about the tax hikes and spending cuts that will kick in when we reach that fiscal cliff. you might not know what could happen to the food we eat. we'll take a look coming up. there are plenty of reasons to be jolly at the chevy year-end event because chevy's giving more. more efficiency with sonic and cruze... more function in equinox and traverse... more dependability with the legendary silverado... and more style in the all-new malibu. chevy's giving more at the year-end event because 'tis the season. chevy's giving more. this holiday season, get a 2013 cruze ls for around $169 per month or get $500 holiday bonus cash. [ nyquil bottle ] just reading your label. wait...you relieve nasal congestion? sure don't you? [ nyquil bottle ] dude! [ female announcer ] tylenol® cold multi-symptom nighttime relieves nasal congestion. nyquil® cold and flu doesn't. gives you 1% cash back on all purchases, plus a 50% annual bonus. and everyone...but her likes 50% more cash. but i'm upping my game. do you want a candy cane? yes! do you want the puppy? yes! do you want a tricycle? yes!
you know about the tax hikes and spending cuts that will kick in when we reach that fiscal cliff. you might not know what could happen to the food we eat. we'll take a look coming up. there are plenty of reasons to be jolly at the chevy year-end event because chevy's giving more. more efficiency with sonic and cruze... more function in equinox and traverse... more dependability with the legendary silverado... and more style in the all-new malibu. chevy's giving more at the year-end event...
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that's what the fiscal cliff is all about. it would all start with the start of the new year. i want to get to senator jeff merkley. he's a democrat from the state of oregon. he's on both the budget committee and the banking, housing, and urban affairs committee. nice to have you with us, sir. thanks for joining us. >> you're welcome. >> thank you. before we get to fiscal cliff, let's talk a little bit about syria. there are now reports that they may be loading the components that would make up sarin gas. and i'm curious to know and i think a lot of people are watching this, does this mean that we are headed, the united states is headed into military action considering what we know about the red line, if you will, that hillary clinton laid out pretty clearly? >> it was very important for her to draw a very clear line. because any use of chemical weapons has to be responded to internationally. i'm sure the secretary of state is immersed with russia right now, is in negotiations with russia for a united front against this absolutely unacceptable possibility. >> okay. so she's la
that's what the fiscal cliff is all about. it would all start with the start of the new year. i want to get to senator jeff merkley. he's a democrat from the state of oregon. he's on both the budget committee and the banking, housing, and urban affairs committee. nice to have you with us, sir. thanks for joining us. >> you're welcome. >> thank you. before we get to fiscal cliff, let's talk a little bit about syria. there are now reports that they may be loading the components that...
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the effects of the fiscal cliff are already holding back some things. >> of course. what stood out to me from howard schultz, the people that need it the most, the average american will feel this to the core. confidence is the corner stone. >> it makes you make decisions, big decisions, small decisions. i'm not going to buy that or do that, i'm scared to death. here's my question for the two of you. are more big ceos falling in line with the yes, let's raise the taxes on the 2%? >> if i don't know if a majority. would you say a majority? >> i think they want a deal and people have to make -- it's hard to make compromises. >> we've heard it from goldman sac sachs, warren buffett, schultz. >> big names there. >> they want clarity. the interesting thing to me, the stock market and bond market haven't freaked out yet about this. people in the stock market saying they're not stupid enough to let us go there. >> to let this happen. >> i hope they'll get something done. >> gosh, i hope so. >> thank you. >>> 25 minutes past the hour. an awards season shocker at the company t
the effects of the fiscal cliff are already holding back some things. >> of course. what stood out to me from howard schultz, the people that need it the most, the average american will feel this to the core. confidence is the corner stone. >> it makes you make decisions, big decisions, small decisions. i'm not going to buy that or do that, i'm scared to death. here's my question for the two of you. are more big ceos falling in line with the yes, let's raise the taxes on the 2%?...
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. >>> up first, president obama standing his ground over the fight in the fiscal cliff. americans face crushing tax hikes and severe spending cuts in 27 days if democrats and republicans cannot come together on a deal. by the way, congress breaks for the holidays in ten days. slash that number. in an interview with bloomberg news, the president made it crystal clear he's not about to blink on the issue of tax hikes for the wealthiest americans. >> we'll have to see the rates on the top 2% go up. and we're not going to be able to get a deal without it. >> white house correspondent dan lothian joins us live from washington this morning. very nice to see you, dan. >> good to see you. >> here's the deal. we have republicans pitted against democrats. now we understand there are issues amongst republicans as well. >> that's right. they're in a tough spot here. they don't want to be in left in a position of being blamed for the fiscal cliff. you're seeing a division between house members and senate members. the reason for this is mainly over the 800 billion in new tax revenue.
. >>> up first, president obama standing his ground over the fight in the fiscal cliff. americans face crushing tax hikes and severe spending cuts in 27 days if democrats and republicans cannot come together on a deal. by the way, congress breaks for the holidays in ten days. slash that number. in an interview with bloomberg news, the president made it crystal clear he's not about to blink on the issue of tax hikes for the wealthiest americans. >> we'll have to see the rates on...
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silence about the fiscal cliff. the president and the house speaker john boehner holding closed door meetings to work out a deal or try to. 21 days and counting away from tax hikes and spending cuts going into affect. and congress breaks for christmas on friday. here is where things stand. the president hitting the road to sell his tax plan to -- at a truck plant to workers in michigan. and there are fiscal cliff talks and on capitol hill for a single day, all was quiet. that's always bad news if you are a political reporter, shannon travis live in washington, d.c.. there are some people who say well, let's read into the silence, because that's all we're getting and it's good news. do you feel that way? >> could be potentially good news. there is this notion of not negotiating through the media. the stakes are high, puts pressure on both sides. so on? that sense, as much as we would love to know what's going on in these discussions, it might be good to take some of the pressure off. i will read a statement from hous
silence about the fiscal cliff. the president and the house speaker john boehner holding closed door meetings to work out a deal or try to. 21 days and counting away from tax hikes and spending cuts going into affect. and congress breaks for christmas on friday. here is where things stand. the president hitting the road to sell his tax plan to -- at a truck plant to workers in michigan. and there are fiscal cliff talks and on capitol hill for a single day, all was quiet. that's always bad news...
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we may be seeing tiny hints of progress in the fiscal cliff crisis. it's getting quiet on capitol hill. 21 days remain before the tax hikes and spending cuts kick in, and congress breaks for the holiday, at least they are scheduled to, on friday. this is what you need to know. the president on the road pitching his tax plan to workers at a truck plant in michigan. house speaker boehner were conducting behind the scenes talks with the white house. and the posturing and finger pointing in washington suddenly stopped. we have more from washington. the sounds of silence may be the sounds of progress? >> potentially. we hope so. we don't really know. we're forced to read the tea leaves essentially, john, because neither side is giving details about the substance of discussions. let me read a statement from john boehner's press secretary. "discussions with the white house are taking place, but we have no detail to share about the substance of those conversations. the republican offer made last week remains the republican offer and we continue to wait for th
we may be seeing tiny hints of progress in the fiscal cliff crisis. it's getting quiet on capitol hill. 21 days remain before the tax hikes and spending cuts kick in, and congress breaks for the holiday, at least they are scheduled to, on friday. this is what you need to know. the president on the road pitching his tax plan to workers at a truck plant in michigan. house speaker boehner were conducting behind the scenes talks with the white house. and the posturing and finger pointing in...
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businesses aren't spending money because of the fiscal cliff. so it's so elusive. it's almost right there. next year could be a good year if we can get some of these uncertainties settled. >> thank you so much, christine. appreciate it. >>> 26 minutes past the hour. >>> without it, a lot of iphone users were lost without it. literally. the app that just made a big comeback. switchgrass in argentina, change engineering in dubai, aluminum production in south africa, and the aerospace industry in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. he opened up jake's very private world. at first, jake's family thought they saved ziggy, but his connection with jake has been a lifesaver. for a love this strong, his family only feeds him iams. compared to other leading b
businesses aren't spending money because of the fiscal cliff. so it's so elusive. it's almost right there. next year could be a good year if we can get some of these uncertainties settled. >> thank you so much, christine. appreciate it. >>> 26 minutes past the hour. >>> without it, a lot of iphone users were lost without it. literally. the app that just made a big comeback. switchgrass in argentina, change engineering in dubai, aluminum production in south africa, and...
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>> they are still trying to reach a resolution in the fiscal cliff talks. it's getting a little heated between president obama and speaker boehner. take a look at what they've been saying to each other. yesterday obama said, quote, if we can get some leadership on the republican side, we can probably solve this in about a week. it's not that tough. boehner then responded saying, quote, i've sent the president our proposal. if he doesn't like our plan, he should come back with a plan of his own. obama responded to that saying, maybe i will. to which boehner replied, maybe i will. and mr. obama replied, stop copying me. so which boehner replied, stop copying me. >> to which obama replied dam infinity. you win for now boehner. >> according to a new poll that just came out, most americans think santa claus is a democrat. which is odd because you think of white, old, fat men that hire unskilled labor, i think republicans. i do. >>> you're in the situation room. happening now, cnn goes in search of syria's chemical weapons. a former regime soldier tells us his or
>> they are still trying to reach a resolution in the fiscal cliff talks. it's getting a little heated between president obama and speaker boehner. take a look at what they've been saying to each other. yesterday obama said, quote, if we can get some leadership on the republican side, we can probably solve this in about a week. it's not that tough. boehner then responded saying, quote, i've sent the president our proposal. if he doesn't like our plan, he should come back with a plan of...
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but there is this, if no deal is struck, and the fiscal cliff comes, then $600 billion in automatic tax increases and spending cuts will kick in. that could affect a lot of programs in this room. that, wolf, is going to lead a lot of voters, democrat and republican, unhappy. >> tom foreman. dramatic way of explaining what's going on. love that virtual studio he's got over there. thank you. >>> new clues potentially uncovered in a deadly decades old mystery haunting a reform school. you'll find out what researchers think they have found. that's next. i put away money. i was 21, so i said, "hmm, i want to retire at 55." and before you know it, i'm 58 years old. time went by very fast. it goes by too, too fast. ♪ but i would do it again in a heartbeat. [ laughs ] ♪ ♪ [ male announcer ] with a select terrain dial that adjusts the jeep grand cherokee's performance for specific weather and road conditions... ♪ ...even heavy snowstorms... won't keep you from getting to work. our apologies. ♪ >>> researchers may have unkfred shocking new evidence of a mass grave at a now closed florid
but there is this, if no deal is struck, and the fiscal cliff comes, then $600 billion in automatic tax increases and spending cuts will kick in. that could affect a lot of programs in this room. that, wolf, is going to lead a lot of voters, democrat and republican, unhappy. >> tom foreman. dramatic way of explaining what's going on. love that virtual studio he's got over there. thank you. >>> new clues potentially uncovered in a deadly decades old mystery haunting a reform...
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the longer the white house slow-walks this process, the closer our economy gets to the fiscal cliff. >> nobody should trust democrats to put a dime until real deficit reductions. >> reporter: to better understand the gop positioning, remember what any reduction deficit looks like drawn from two different pots of money. first, tax revenue. second, spending cuts likely to center on changes to entitlements like medicare. on revenues, republicans already conceded to tax increases for the wealthy. the big sticking point is what kind and how much. since that is angering many on the right who oppose any tax increases, republicans want democrats to take the heat for entitlement cuts by proposing them first so republicans don't face the wrath of seniors, too. remember this 2011 ad depicting paul ryan throwing granny off the cliff? the white house says it's republicans who haven't offered specifics and the president has. >> very specific spending cuts, including savings in entitlement programs. again, i -- it's not a mystery. we've seen this before. this is the document. >> reporter: that docu
the longer the white house slow-walks this process, the closer our economy gets to the fiscal cliff. >> nobody should trust democrats to put a dime until real deficit reductions. >> reporter: to better understand the gop positioning, remember what any reduction deficit looks like drawn from two different pots of money. first, tax revenue. second, spending cuts likely to center on changes to entitlements like medicare. on revenues, republicans already conceded to tax increases for...
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i don't want to talk about the fiscal cliff and you don't want to hear about it. for the next 20 days, all pundit are contractually obligated to talk budgetary policy and you the viewer are obligated to listen. check your cable contract. (laughter) it's right below the part where come cast gets your kidneys. they'll be there to pick them up tomorrow between the hours of 9:00 a.m. and 6:00 p.m. wear something loose. (laughter) if the parties here cannot agree to a budget deal by january 1, automatic spending cuts will kick in and plunge america into a second recession things are not looking too good. >> in washington, a fly in the ointment. debt deal negotiations have stalled. >> the fiscal cliff stalemate remains. >> the standoff continues. there isn't a lot of reason for hope. >> democrats and republicans are blaming each other for the stalled negotiations. >> who's going to blink sglirs what's going to blink first. >> the white house is daring republicans literally to blink. (laughter) >> stephen: obama is daring republicans literally to blink. well, the joke's
i don't want to talk about the fiscal cliff and you don't want to hear about it. for the next 20 days, all pundit are contractually obligated to talk budgetary policy and you the viewer are obligated to listen. check your cable contract. (laughter) it's right below the part where come cast gets your kidneys. they'll be there to pick them up tomorrow between the hours of 9:00 a.m. and 6:00 p.m. wear something loose. (laughter) if the parties here cannot agree to a budget deal by january 1,...
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lawmakers have to resolve three issues -- first, the fiscal cliff. second, raising the treasury debt ceiling, which as you know is becoming an issue rarely soon. third, achieving long-term fiscal sustainability. that is deficit reduction and tax increases and spending cuts that allow the gdp ratio to stabilize by the end of the decade. these three things need to be done now. in terms of the fiscal cliff, if policy is unchanged and we go over the cliff and there is still no change after that, the gdp in 2013 will 3.5 percentage points. subtract that and that is a severe recession. cbo and others are probably us are underestimating how severe that will be because confidence is very weak. it is unclear how the reserve would response to this. we need to scale back from the cliff. at the very minimum, the cliff needs to be scaled back so it is only a hit to gdp at 1.5 percentage points at most. if you have more of a drive than that, it it becomes it. the economy will weaken. the budget deduction will deteriorate. we are seeing a fiscal drag in europe. i w
lawmakers have to resolve three issues -- first, the fiscal cliff. second, raising the treasury debt ceiling, which as you know is becoming an issue rarely soon. third, achieving long-term fiscal sustainability. that is deficit reduction and tax increases and spending cuts that allow the gdp ratio to stabilize by the end of the decade. these three things need to be done now. in terms of the fiscal cliff, if policy is unchanged and we go over the cliff and there is still no change after that,...
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in echo of the original discussions the gentleman and i just hads far as the fiscal cliff is concerned. our commitment is to try to rece the mountain of tet that is strangling this country and trying to stop the spending that continueso spiral out of control. so any discussion of the increase of debt for us has to be accompanied with a real commitment to the reduction in spending, otherwise, those credit rating agencies are going to continue to do what they did. and so in order to engender confidence in those agencies and the market and throughout the american economy and the public, we have got to gain some credibility on the spending issue and stop the spending. that is our position, the gentleman knows at. yes, we all agree america is a country that pays its bills we need to stop racking up so many of them. we've got ton a situation where we are generating trillions, $1 trillion of additional annual debt. we can't do that. and that's why we take the position we do. to try and arrest that, to get our ecomy back on an even keel so we can heal that economy. i yield back. mr. hoyer: i t
in echo of the original discussions the gentleman and i just hads far as the fiscal cliff is concerned. our commitment is to try to rece the mountain of tet that is strangling this country and trying to stop the spending that continueso spiral out of control. so any discussion of the increase of debt for us has to be accompanied with a real commitment to the reduction in spending, otherwise, those credit rating agencies are going to continue to do what they did. and so in order to engender...
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cuts known as the fiscal cliff take effect. bloomberg government and consulting hosted a discussion this morning with the top democrat on the house budget committee, chris van hollen, along with bob corker and mark warner. and then at 9:00 eastern, president obama and house speaker john boehner. they also spoke about the fiscal cliff today. the president said republicans might be willing to agree to higher tax rates on the wealthy in january. then the house speaker called on the obama administration to respond to the republicans' deficit reduction proposal that was released earlier this week. president obama is at 9:00 eastern and then speaker boehner. at the museum today, florida senator marco rubio sat down with michaelen of "politico." he answered questions about the fiscal cliff. republican outreach to hispanic voters and a potential campaign for president. this is 45 minutes. [applause] >> thank you very much. you had a late night. >> not really. >> is bob still here? what would you like to ask senator rubio? [laughter] >>
cuts known as the fiscal cliff take effect. bloomberg government and consulting hosted a discussion this morning with the top democrat on the house budget committee, chris van hollen, along with bob corker and mark warner. and then at 9:00 eastern, president obama and house speaker john boehner. they also spoke about the fiscal cliff today. the president said republicans might be willing to agree to higher tax rates on the wealthy in january. then the house speaker called on the obama...
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Dec 12, 2012
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now, the spending side of the fiscal cliff is the so-called sequester, automatic cuts in federal spending. some say it's the end of western civilization as we know it. it's hardly the case. after a 64% increase in expenditures during this decade, the sequester doesn't actually cut spending at all. it simply limits spending growth next year to about half of a percent. now i opposed the budget deal that created the sequester last year because it fell woefully short of what standard & poor's clearly warned was necessary to help the a.a.a. credit rating. does our defense spending really need to be higher, inflation adjusted, than it was at the height of the vietnam war when we faced down the soviet union and had 500,000 combat troops in the field? the sequester isn't stepping off a cliff. it is taking one step back from the cliff. now, the tax increases, however, are a very different matter. without intervention, the federal tax burden will balloon 1% at the stroke of -- 21% at the stroke of midnight on new year's eve, taking $2,000 to $3,000 from an averaged family. the house passed legislat
now, the spending side of the fiscal cliff is the so-called sequester, automatic cuts in federal spending. some say it's the end of western civilization as we know it. it's hardly the case. after a 64% increase in expenditures during this decade, the sequester doesn't actually cut spending at all. it simply limits spending growth next year to about half of a percent. now i opposed the budget deal that created the sequester last year because it fell woefully short of what standard & poor's...
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Dec 7, 2012
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let us start with where we are on the question of resolving the immediate fiscal cliff issues. how would you describe your temperature that there will be some kind of accommodation and a deal on the tax or spending sequester side or both? >> good morning. i am pleased to be with you and give you my perspective on where we are. i will start by something i often say when i am giving remarks in my district -- that i am struck with in my district in philadelphia. people of this same group no matter how partisan a are corn non-partisan the group is, people will say different things to me. they will say, i want you to go to washington and stand on your principles. go and fight for us. i say, i will. someone else will say, i want you to compromise and get things done. that is the 10th thing -- 10th time that has happened. that is what they hired me to do -- figure out how we do both. it is our job as representatives in congress, to fight for our values and priorities and principles we believe in and get something done. the divide that we are facing right now -- i hope that all represe
let us start with where we are on the question of resolving the immediate fiscal cliff issues. how would you describe your temperature that there will be some kind of accommodation and a deal on the tax or spending sequester side or both? >> good morning. i am pleased to be with you and give you my perspective on where we are. i will start by something i often say when i am giving remarks in my district -- that i am struck with in my district in philadelphia. people of this same group no...
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and walked our economy up to the fiscal cliff. doing that puts our jobs and the country in danger. it jeopardize is a golden opportunity to make 2013 the year that we enact fundamental tax reform and entitlement reform to begin to solve our country's debt problem and revenue problem. as you can see, real revenue growth is critically important as long as real cuts in spending if we're going to solve our long-term fiscal problems. the election was not a mandate to raise taxes on small businesses. it was a mandate for both parties to work together to take on the big challenges that our country is facing. republicans are ready and eager to do just that. we made a reasonable offer, and is now up to the white house to show us how they are going to cut spending and give us the balanced agreement that the president has talked about for weeks. the president will step up and show us he is willing to make the cuts that are needed, we can do some real good in the days ahead. if not, he wants to keep chasing higher spending with higher taxes,
and walked our economy up to the fiscal cliff. doing that puts our jobs and the country in danger. it jeopardize is a golden opportunity to make 2013 the year that we enact fundamental tax reform and entitlement reform to begin to solve our country's debt problem and revenue problem. as you can see, real revenue growth is critically important as long as real cuts in spending if we're going to solve our long-term fiscal problems. the election was not a mandate to raise taxes on small businesses....
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Dec 11, 2012
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sounds like he will get a deal with the fiscal cliff. that he can go to his base and say here's what i got you. so it sounds like he's going to come out of this latest negotiation strong and so he's going to be able to use that, as you say, use that capital. use that clout to try to get something done and it's very encouraging. you have lindsey graham from south carolina who now probably isn't going to face a primary challenge. because of the demint seat now. working with senator schumer from new york, trying to work this out so if there's any positive repercussions from the demint thing is the fact that lindsey graham might now be more likely to work with schumer graham one of the leaders on this issue and work with the democrats in general to try to get something done. it failed -- the talks failed in 2011. this is another shot. >> bill: well, you know, it is -- it is time for this issue. way pastime. way pastime for this issue. >> use the presidential bully pulpit to get this done. the question is what exactly is the tactic? is he goi
sounds like he will get a deal with the fiscal cliff. that he can go to his base and say here's what i got you. so it sounds like he's going to come out of this latest negotiation strong and so he's going to be able to use that, as you say, use that capital. use that clout to try to get something done and it's very encouraging. you have lindsey graham from south carolina who now probably isn't going to face a primary challenge. because of the demint seat now. working with senator schumer from...
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twenty-six days until we fall off the fiscal cliff. is that what democrats want us to do? pictures seem so. we go live to capitol hill in 10 minutes. while congress talked about wanting to cut excess spending, the numbers may tell a different story. i will break it down coming up next. ally bank. why they have a raise your rate cd tonight our guest, thomas sargent. nobel laureate in econocs, and one of the most cited economists in the world. professor sargent, can you tell me what cd rates will be in two years? no. if he can't, no one can. that's why ally has a raise ur rate cd. ally bank. your money needs an ally. gerri: where would we be without senator tom coburn? without the oklahoma taxpayer dollars? this fellow brought us this image. your member this? the shrimp on on the treadmill. does anyone have? @%e national science foundation studying the effects on disease. they decided to do this, and they spend 500,000 taxpayer dollars doing this study. if you can get scientists to waste money, the senator is back with another study. this time uncovering waste of the departm
twenty-six days until we fall off the fiscal cliff. is that what democrats want us to do? pictures seem so. we go live to capitol hill in 10 minutes. while congress talked about wanting to cut excess spending, the numbers may tell a different story. i will break it down coming up next. ally bank. why they have a raise your rate cd tonight our guest, thomas sargent. nobel laureate in econocs, and one of the most cited economists in the world. professor sargent, can you tell me what cd rates will...
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twenty-six days until we fall off the fiscal cliff. is that what democrats want us to do? pictures seem so. we go live to capitol hill in 10 minutes. while ngress talked about wanting to cut excess spending, the nbers may tell a different story. i will break it down coming up next. you stl think you're colder than me? nah. don tell me. tell tiny! [ ice crackling ] [ knuckles cracking ] and who are you supposed to be, back-up? handle it. what you looking at? ha! cat-like reflexes... whoa! [ male announcer ] the coors light silver bullet pint. it's bigger. it's resealable. it's still the coldest. don't you do it. don't you do it! [ male announcer ] frost brewed coors light. gerri: where would we be without senator tom coburn? without the oklahoma taxpayer dollars? this fellow brought us this image. your member this? the shrimp on on the treadmill. does anyone have? @%e national science foundation studying the effects on disease. they decided to do this, and they spend 500,000 taxpayer dollars doing this study. if you can get scieists to ste money, the senator is back with an
twenty-six days until we fall off the fiscal cliff. is that what democrats want us to do? pictures seem so. we go live to capitol hill in 10 minutes. while ngress talked about wanting to cut excess spending, the nbers may tell a different story. i will break it down coming up next. you stl think you're colder than me? nah. don tell me. tell tiny! [ ice crackling ] [ knuckles cracking ] and who are you supposed to be, back-up? handle it. what you looking at? ha! cat-like reflexes... whoa! [ male...
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cliff, and he's clearly not interested at all in cutting any spending. >> reporter: while democrats and republicans debate the size and specifics on tax increases, the two sides also remain apart on spending cuts, reforming entitlement programs like medicare and on the president's request to have greater power to raise the country's debt limit. but the news coming out of this one, "wall street journal" headlines saying that staff members from the president's team and from speaker boehner's team are genre assuming talks. we confirmed as of a couple of hours hag that that wasn't the case, so we're going to check on that right now. david: what they're talking about, we don't know. liz: maybe not dead in the water. david: thank you, rich, appreciate it. liz: we've got good news for all of you last minute shoppers out there coming up in the speed read. david: and up next, first on fox business, tom kloet, ceo of tmx group, a parent of the toronto stock exchange, on the impact of all these regulations coming out of our country. how will they affect businesses in his country? that's coming
cliff, and he's clearly not interested at all in cutting any spending. >> reporter: while democrats and republicans debate the size and specifics on tax increases, the two sides also remain apart on spending cuts, reforming entitlement programs like medicare and on the president's request to have greater power to raise the country's debt limit. but the news coming out of this one, "wall street journal" headlines saying that staff members from the president's team and from...
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the fiscal cliff is all about tax hikes. it is not about the spending cuts. then's a problem because we have sluggish growth and we have a spending problem and 16 trillion in debt and raising those taxes aren't going to fix our problems. i've never heard of taxing our way into prosperity. and so i don't understand why the discussion is centering so much around the hikes and not around cutting the spending, which is what we need to do. stuart: the president actually wants 50 billion in extra spending in the -- charles: he also wants the power to raise the debt willy-nilly whenever he wants. the g.o.p. lost that. they should have drawn that line in the sand a long time ago. it's always been about revenues. boehner's already given in on that. it's just how do we come to that numb number? here's the thing, the president isn't going to listen to anything outside of the oval office. what they are telling him, you have a mandate, you have a decisive victory, pound, pound, pound. stuart: i think he will have a tax increase on the rich, promise of spending cuts -- cha
the fiscal cliff is all about tax hikes. it is not about the spending cuts. then's a problem because we have sluggish growth and we have a spending problem and 16 trillion in debt and raising those taxes aren't going to fix our problems. i've never heard of taxing our way into prosperity. and so i don't understand why the discussion is centering so much around the hikes and not around cutting the spending, which is what we need to do. stuart: the president actually wants 50 billion in extra...
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dollar now threatening that we will go over the fiscal cliff. there's such a huge disconnect here, there's no backlash really about that, but there's backlash against ceo's speaking out. stuart: i can see that it. you're right, charles, take a victory lap. they've backed off. charles: this is not the kind of thing that you want a victory lap on. it's scary and i first thing you see is 2012 communities service report and the next thing on sustainability and another piece, 100 best companies to work for. you wouldn't know it's a restaurant company. these companies are bending over backwards to appease the media and the white house's agenda. stuarr: all right, charles, a victory lap. and everybody we've got two new at ten stories and both cost a whole lot of money of the first, the department of energy spending 120 million dollars for an electric battery research facility. and how this administration's track record on green energy investments is your money by the way. second, fast fooddchains forced to put calorie counts on their menus under obamac
dollar now threatening that we will go over the fiscal cliff. there's such a huge disconnect here, there's no backlash really about that, but there's backlash against ceo's speaking out. stuart: i can see that it. you're right, charles, take a victory lap. they've backed off. charles: this is not the kind of thing that you want a victory lap on. it's scary and i first thing you see is 2012 communities service report and the next thing on sustainability and another piece, 100 best companies to...
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cliff which would trigger tax cuts and spending increases unless taxes increase on the top two percent of wage earnings. >> i want you you to understand when it comes to raising taxes on the wealthy. if republicans do not agree to that, is the administration prepared to go over the fiscal cliff? >> oh, absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthy. >> all right. it appears the very definition of the american dream is now being rewritten by president barack obama. now, today our commander-in-chief publicly said he's not going to play games with the fiscal cliff, but that is just not reality. right now the president is playing a very dangerous game of chicken and this is with your paycheck and the american dream. meanwhile, the republicans have allowed themselves to get caught in a circular firing squad. they're negotiating publicly among themselves while true conservatives and tea party members are being removed from key committees. today speaker john boehner adopted the president's class wawarfare rhetoric. shocki
cliff which would trigger tax cuts and spending increases unless taxes increase on the top two percent of wage earnings. >> i want you you to understand when it comes to raising taxes on the wealthy. if republicans do not agree to that, is the administration prepared to go over the fiscal cliff? >> oh, absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthy. >> all right. it appears the very definition of the...
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cliff that will take place in january from congress and they may strike a budget deal by then. economists think it could downs back in november with unemployment still high the trend remains weak because households don't have the income to spend. that ties in with the borrowing numbers as well. credit card usage has gone 17 percent since the 2008 credit cli cries lis. the category auto and student loans is 22 percent higher. they get training for new careers. >> diane macedo from the fox business network it is 14 minutes before the top of the hour. you could call them a mosque carade. it promised to be a lot more than a praise of prayer. turns out that is all they are doing there. we will tell you the details. >> they were trying to wreak havoc on the neighbor's decorations. check with steve doocy to see what's coming up. >> thank you very much. exactly. 13 minutes before fox and friends kicks off. who says there's no such thing as a free lunch. whoever said that has to dine with uncle sam. millions of dollars of tax payer money feeding children for free. before they need it or
cliff that will take place in january from congress and they may strike a budget deal by then. economists think it could downs back in november with unemployment still high the trend remains weak because households don't have the income to spend. that ties in with the borrowing numbers as well. credit card usage has gone 17 percent since the 2008 credit cli cries lis. the category auto and student loans is 22 percent higher. they get training for new careers. >> diane macedo from the fox...
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a series of tax cuts and spending cuts set to kick in just 26 shopping days until the fiscal cliff. >> brian: less working days. >> steve: that's right. house republicans say there will be no deal if tax ritz go up and the obama administration says it's ready to go thelma and louise style over the cliff on january 1. if that's the case, wendell goler live at the white house with what we know is going on behind the scenes. anything happening? >> steve, the president and house speaker john boehner talked on the phone yesterday, but they agreed not to characterize their conversation. so it's unclear how much progress they made. from the outside, it does seem they've moved a bit closer with boehner now agreeing to raise tax collection from the wealthy, though not by raising tax rates. >> we've got to cut spending and i believe to put revenues on the table. the revenues we're putting on the table will come from, guess who, the rich! there are ways to limit deductions, close loopholes, and have the same people pay more of their money to the federal government without raising tax rates which
a series of tax cuts and spending cuts set to kick in just 26 shopping days until the fiscal cliff. >> brian: less working days. >> steve: that's right. house republicans say there will be no deal if tax ritz go up and the obama administration says it's ready to go thelma and louise style over the cliff on january 1. if that's the case, wendell goler live at the white house with what we know is going on behind the scenes. anything happening? >> steve, the president and house...
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moving on, president obama's offer on the fiscal cliff cuts billions in defense spending. colonel oliver north says that will lead to disaster. he is here next. and tony hawk is here to show us a few new tricks, including one for all those parents out there whose kids will think are cool. i don't know if i'd do it in the rain, but he can. he's a prompt but olympic gabby douglas is here. a huge show! i think shaq in the house, too. music is a universal language. but when i was in an accident... i was worried the health care system spoke a language all its own with unitedhealthcare, i got help that fit my life. information on my phone. connection to doctors who get where i'm from. and tools to estimate what my care may cost. so i never missed a beat. we're more than 78,000 people looking out for more than 70 million americans. that's health in numbers. unitedhealthcare. >> gretchen: 23 minutes after the top of the hour. james holmes expected to appear in court today. this will be the first time we look at him since he was taken to the hospital for a head injury last month af
moving on, president obama's offer on the fiscal cliff cuts billions in defense spending. colonel oliver north says that will lead to disaster. he is here next. and tony hawk is here to show us a few new tricks, including one for all those parents out there whose kids will think are cool. i don't know if i'd do it in the rain, but he can. he's a prompt but olympic gabby douglas is here. a huge show! i think shaq in the house, too. music is a universal language. but when i was in an accident......
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, reform some entitlements to avoid this bad situation which we're calling the fiscal cliff, when you have automatic tax increases and spending cuts, but as we, you know, the time goes, it's been three weeks since the election, i'm growing increasingly pessimistic. >> we're been talking about it on the show, chris, and brought up a couple of times that the president, if he does nothing, the tax cuts expire, and the defense cuts go into place, which is largely what the democrats want to have happened and republicans now making the argument. perhaps the president is not going to negotiate because he wants to simply step back and want things to unfold. do you buy that. i think he does want to compromise because if this were to go on long enough. i don't think it happens the first week after the fiscal cliff, but if you continue with this and all of the things that happen, all of the bush tax cuts expire, not only on the rich, but also the middle class, the spending cuts, about 100 million in the first year, you could grow according to the congressional budget office or unemployment back
, reform some entitlements to avoid this bad situation which we're calling the fiscal cliff, when you have automatic tax increases and spending cuts, but as we, you know, the time goes, it's been three weeks since the election, i'm growing increasingly pessimistic. >> we're been talking about it on the show, chris, and brought up a couple of times that the president, if he does nothing, the tax cuts expire, and the defense cuts go into place, which is largely what the democrats want to...
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known as the fiscal cliff. despite a call between president obama and john boehner, the two sides appear to be no closer to a compromise. are republicans working on the scenes on a plan b? wall street journal columnist, dan henninger and kim strassel. you have bean working the phones, is there something going on between speaker boehner and the president? >> no, i think that they are nowhere and it's because the president is refusing to budge at all on the top toks ratestopx rates and we'll go off the cliff if the republicans don't acreed to that demand. so we're still at a stand still. >> paul: kim, why is the president so insistent on increasing tax rates? boehner has already put on the table a comparable amount of money to be gained from putting a cap on deductions, about 800 billion over ten years, so such a-- >> look, paul, two reasons. first is ideological. his partisans, his liberal base believe this is somehow a symbol of winning the tax fight and you can only do that by raising the rates on the wealthy
known as the fiscal cliff. despite a call between president obama and john boehner, the two sides appear to be no closer to a compromise. are republicans working on the scenes on a plan b? wall street journal columnist, dan henninger and kim strassel. you have bean working the phones, is there something going on between speaker boehner and the president? >> no, i think that they are nowhere and it's because the president is refusing to budge at all on the top toks ratestopx rates and...